There are countless steps in a home purchase or a refinance that folks need to navigate. By the time the topic of a closing date comes up, it’s easy to succumb to fatigue or anxiety and just confirm the first available date to get it over with.

Yet your closing date is quite important and can impact the entire closing experience both financially and administratively.

Should I Close on a Friday?

Fridays are typically the most sought-after date for a close. Work tends to be lighter that day, and many opt to take the day off to celebrate, spend time in their new home (if they are purchasing,) and to give themselves a 3-day weekend.

Yet Friday can come with significant delays. For the reasons stated above, there are typically more Friday closings than on any other day of the week, which means that title companies and lenders alike are busy with paperwork, closing the books on all the transactions at hand, etc. If there are any delays, it’s likely your closing will get pushed through the weekend and into the following week.

This is likely not ideal if you have prepared for an on time closing by requested time off from work, move, made plans to meet with contractors, etc. It’s worth trying to make a mid-week close work and allow some buffer time between your closing and your first big weekend with your property.

If you do need to close on a Friday, voice your desire to close early in the day. If any issues arise with walk-throughs, etc., there is still time in the day to get the closing accomplished. Additionally, giving the balance of the day for title agents and lenders to carry out wire transfers and the like will additionally speed things up.

Avoid the Last Few Days of the Month

For several strategic reasons, it’s smart to close well before the end of the month. For one, a purchaser pays interest in advance for the balance of the month, so the cash to close figure remains lower in the earlier days of the month.

Another reason to eye a closing earlier in the month is that buyers typically skip that first month’s payment. This can come as a relief to many who can take a breath after a large transaction, allow the dust to settle, and recover some cash that would otherwise go towards your mortgage payment.

It also takes some time for lenders to send out information/welcome packets, instructions on how to pay that first payment, etc. This allows for a more relaxed transition with plenty of time to get acquainted with your new lender.

Principle Abstract and Settlement Services works with each of our clients to ensure a smooth transaction, but also a well informed one. If you have questions or goals concerning your closing date, feel free to ask and we can work towards it. At the end of the day, all parties involved want a smooth, on-time transaction. We will do everything we can to ensure that happens but also let you know of any issues that come along which may impact that goal.

Interested in learning more or have a home purchase or refinance you are working on? Contact us today and a member of our team will be happy to speak with you.